Experts call for increased infrastructural renewal to support production, check inflation

Experts call for increased infrastructural renewal to support production, check inflation

Lagos, March  2026 (TBL Africa) Some experts have urged the Federal Government to invest more in infrastructural renewal that would support domestic production and mechanisation of the agricultural sector.

The experts said these measures would enhance domestic production, increase food output and help to moderate inflation.

These experts spoke in separate interviews  in Lagos on Tuesday.

Prof. Ndubisi Nwokoma, Department of Economics, Caleb University, highlighted the importance of key infrastructure to reduce cost of production.

“The government should consider expanding sea ports to accommodate more large cargoes, particularly in other regions of the country.

“This will reduce the cost of conveying commodities from the west to other regions, fast track economic growth and development,” Nwokoma said.

He emphasised that the government should intensify its efforts to address the insecurity challenges undermining food production.

“Government needs to put in more effort and intensify its intelligence to reduce the challenges in many states of the country, particularly in areas which are classified as food hubs, where the nation has comparative advantages in agricultural production,” Nwokoma said.

He stressed that the government should secure a foreign partnership to manage the Nigeria National Petroleum Corporation (NNPC) refineries to enable it increase its production and reduce dependence on others.

Another expert, Mr Chris Nemedia, Former Central Bank of Nigeria (CBN) Director, advocated for more investment in the agricultural sector to check food inflation.

“Government earmarking more budgetary allocation to mechanised agriculture and its value chain is key to achieve food security.

“This will address food induced inflation, create employment opportunities and its attendant consequences on the rural economy,” Nemedia said.

He added that the government should intervene in the foreign exchange market when necessary, sustain its stability and ameliorate imported inflation.

Mr Sunny Nwosu, Founder, Independent Shareholders Association of Nigeria, also said the government should ensure regular electricity to support production.

“The government should ensure that regular electricity is made available particularly in industrial hubs to support local manufacturing.

“This will enable them to produce more affordable commodities and decelerate inflation,” Nemedia said.

The National Bureau of Statistics (NBS) said headline inflation eased to 15.06 per cent in February 2026 from 15.10 per cent recorded in January 2026.

This is contained in the Consumer Price Index (CPI) report of February 2026.

According to the report, the movement shows that the February 2026 Headline inflation rate decreased by 0.04% compared to the January 2026 Headline inflation rate.

On a year-on-year basis, said NBS, the Headline inflation rate was 11.21 per cent lower than the rate recorded in February 2025 (26.27 per cent).